August 02, 2013

Foxconn may have lost more Apple Orders to Compal

The Commercial Times is currently the largest financial paper in Taiwan and it has a reputation for breaking news in the tech sector. Today they've created a buzz about Apple buying equipment from Foxconn and transferring it to Compal Electronics.

Their report is stating that in a filing to the Taiwan Stock Exchange on July 31, Foxconn reported that its subsidiaries in Shenzhen and Zhengzhou, China have both disposed of equipment for a total of about NT$6.5 billion (US$216.3 million), and the buyer is Apple.

The Chinese-language Commercial Times quoted unnamed industry sources as saying that the $216.3 million worth of CNC machines will be transferred from Foxconn to Compal Electronics' Nanjing, China plant as a result of the loss of some of its orders from Apple.

Foxconn is solemnly refuting the report even though it's reportedly in black and white in their filing with the Taiwan Stock Exchange. Foxconn's stock price closed down 1.5% on the news.

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